Manappuram Finance Gets RBI Nod for Bain Capital Deal

Manappuram Finance has received final approval from the Reserve Bank of India (RBI) for Bain Capital’s proposed acquisition of joint control and 41.66% stake in the company. The deal, valued at around ₹4,385 crore, sees Bain Capital — through its affiliates — acquire an 18% stake at ₹236 per share, followed by a mandatory open offer for an additional 26%. Post-investment, Bain’s holding will range between 18% and 41.7% on a fully diluted basis, including warrants, while existing promoters’ stake will reduce to 28.9%. Bain will be classified as a promoter and jointly control the NBFC, with nominee directors joining the board. The strategic partnership aims to strengthen governance, enhance technology, and scale risk management capabilities. V P Nandakumar, MD & CEO, said the move positions Manappuram to become a professionally managed, future-ready financial services player. This marks one of the largest private equity investments in the Indian gold loan sector, signaling strong investor confidence in the asset class.